Apple: New Street Research reacts to negative newsflow
(CercleFinance.com) - New Street Research maintains its "sell" rating on Apple - with a 165 dollar target price - after the share's 5% fall yesterday as Lumentum, a key Apple supplier, cut its guidance.
Lumentum reduced its forecasts for its December quarter today, attributing this to "a large client," New Street Research said, adding that Apple represents over 30% of their revenues.
As with a number of other analysts, the move led to speculation that iPhone production may be lower than expected.
"This datapoint fits well with our thesis," New Street Research said, forecasting that Apple is meeting weak demand and that iPhone deliveries will be well below current consensus expectations.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Lumentum reduced its forecasts for its December quarter today, attributing this to "a large client," New Street Research said, adding that Apple represents over 30% of their revenues.
As with a number of other analysts, the move led to speculation that iPhone production may be lower than expected.
"This datapoint fits well with our thesis," New Street Research said, forecasting that Apple is meeting weak demand and that iPhone deliveries will be well below current consensus expectations.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.